Tag: appointment

Mastercard appoints Nikhil Sahni as Division President, South Asia & Country Corporate Officer, India

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Mastercard, a global technology company in the payments industry, on Thursday announced the appointment of Nikhil Sahni as its new Division President, South Asia & Country Corporate Officer, India, taking over from Porush Singh. Porush Singh will be relocating to Singapore and assuming a new role within the company.

According to the firm, Sahni joins Mastercard with nearly 25 years of experience across strategy, investment banking, corporate, commercial, SME, retail, branch, and government banking. In his role, he will oversee Mastercard’s operations, and position the company’s extensive suite of products, solutions and services across the sub-continent, including Sri Lanka, Bangladesh, Nepal, Maldives and Bhutan, in addition to India.

Sahni is an alumnus of the Indian Institute of Management, Ahmedabad and holds a degree in Electrical Engineering from Punjab Engineering College, Chandigarh.

Recent role

His most recent role was as Senior Group President, Agriculture, Government & MNC Banking and Knowledge Banking with Yes Bank. He was a part of Yes Bank’s founding team, where he spent over 17 years managing various businesses and products, both at a regional and national level.

Also read: NITI Aayog, Mastercard release report on Connected Commerce

Ari Sarker Co-President, Asia Pacific, Mastercard, said in a statement: “Nikhil has a proven track record of consistently building domestically relevant businesses and cultivating mutually beneficial partnerships across the public and private sectors. His extensive experience in India’s financial services sector will be instrumental for us as Mastercard continues to strategically focus on providing the technology, infrastructure and innovation needed to build a vibrant digital payment ecosystem across South Asia.”

Commenting on his appointment at the helm of Mastercard in South Asia, Sahni said: “I am inspired by Mastercard’s mission to power a digital payment ecosystem that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Joining a company that has deep roots in, and an even deeper commitment to, South Asia, is an exciting opportunity, especially when you consider the tremendous potential that the sub-region holds. With the considerable investments that Mastercard has already made here, the range and depth of our products and services, and our relentless focus on partnering for progress, I am confident that there is no better time than now to be in the business of delivering inclusive, sustainable, secure and connected commerce for everyone, everywhere.”

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IDBI Bank sell-off: Govt floats RFP for appointment of transaction and legal advisor

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The government on Tuesday floated a Request for Proposal (RFP) to appoint transaction advisor and legal advisor to assist in the strategic disinvestment of IDBI Bank.

The last date for interested parties to submit their bid is July 13 and the bid will be opened on July 14.

At present, IDBI Bank is classified as a private sector bank by the RBI with government shareholding at 45.48 per cent, Life Insurance Corporation of India shareholding at 49.24 per cent and the non-promoter shareholding at 5.29 per cent. LIC is the promoter while Centre is the co-promoter.

Also read: IDBI Bank has transformed into a retail bank: Samuel Joseph, Dy MD

The government proposes to go for strategic disinvestment along with transfer of management control. However, the extent of shareholding to be divested by the government and LIC will be decided at the time of structuring of transaction in consultation with the RBI.

Divestment target

The government has set a target of ₹1.75-lakh crore to be raised through disinvestment this fiscal, out of which ₹1-lakh crore is intended to be raised through off-loading the government stake in public sector banks and financial institutions. This also includes the stake sale in IDBI Bank. On May 5, the Cabinet Committee on Economic Affairs (CCEA) approved the strategic disinvestment of IDBI Bank.

LIC’s Board has already passed a resolution to the effect that LIC may reduce its shareholding in IDBI Bankthrough divesting its stake along with strategic stake sale envisaged by the government with an intent to relinquish management control and by taking into consideration, price, market outlook, statutory stipulation and interest of policy holders.

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Dai-ichi Life Insurance Company appoints Abhay Tewari as MD & CEO

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Star Union Dai-ichi Life Insurance Company Ltd has announced the appointment of Abhay Tewari as Managing Director and Chief Executive Officer.

SUD LIFE is a joint venture of Bank of India, Union Bank of India and Dai-ichi Life Insurance Company Limited, Japan. Tewari joined as Appointed Actuary of SUD LIFE in the year 2014 and was holding the position of Joint President and Chief Actuary until he is elevated as MD & CEO.

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New Deputy Governor Rabi Sankar to oversee functioning of 8 departments at RBI

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Newly appointed Reserve Bank of India (RBI) Deputy Governor T Rabi Sankar will oversee the functioning of eight departments, including Currency Management, External Investments & Operations, and Payment and Settlement Systems.

The central bank, in a statement, said he will also manage departments such as Government and Bank Accounts, Information Technology, Foreign Exchange, Internal Debt Management, and the Right to Information (RIA) Division.

Rabi Sankar was Executive Director of RBI before being elevated to the post of Deputy Governor (DG). His appointment as DG is for a period of three years or until further orders, whichever is earlier, RBI said.

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Resolution to appoint Samit Ghosh as MD and CEO, Ujjivan Financial Services not approved

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A special resolution to appoint Samit Ghosh as Managing Director and CEO of Ujjivan Financial Services was not approved by the required majority of shareholders.

According to data with BSE, the special resolution to approve the appointment of Ghosh as MD and CEO of the company for a three-year period, effective May 1, 2021 was “not approved by the requisite majority”.

Only 70.527 per cent of the votes were polled in favour of the resolution, while 29.473 per cent of the votes were polled against the proposal.

Ghosh is currently the non-executive Chairman of the company.

Another special resolution to appoint Abhijit Sen as an independent director was also not approved by the requisite majority.

“These being special resolutions in nature, required a minimum of 75 per cent of the votes polled in favour of the resolution or a minimum of three times of the votes polled against the resolution,” said a regulatory filing by Ujjivan Financial Services.

The board had proposed to appoint Ghosh, the existing Non-Executive Director, who is over 70 years of age, as the MD and CEO of the company for a period of three years.

A career banker, Ghosh was the erstwhile founder of the Ujjivan Financial Services and has served as its MD and CEO until January 31, 2017. He then took charge as the MD and CEO of Ujjivan Small Finance Bank Ltd effective from February 1, 2017 and retired on November 30, 2019 on attaining the age of 70 years.

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S Ramann takes charge as SIDBI chief

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Sivasubramanian Ramann took charge as the Chairman and Managing Director of the Small Industries Development Bank of India (SIDBI) on Monday.

His appointment as the head of SIDBI, which is the principal financial institution engaged in the promotion, financing and development of Micro, Small & Medium Enterprises (MSMEs), is for three years.

Prior to this appointment, Ramann was serving as the Managing Director and Chief Executive Officer of National E-Governance Services Ltd (NeSL), India’s first information utility, SIDBI said in a statement.

Ramann is an Indian Audit & Accounts Service (IA&AS) officer of 1991 batch. Prior to joining NeSL, he was the Principal Accountant General of State of Jharkhand between 2015 and 2016. He was also Executive Director with Securities and Exchange Board of India (SEBI) between 2006 and 2013.

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Karnataka Bank appoints DS Ravindran as additional director

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Karnataka Bank Ltd appointed DS Ravindran as Additional Director (non-executive, independent) at its board meeting held on March 24. His appointment will be effective from April 1.

Ravindran (61) is an IFS officer (Indian Forest Service 1986 Batch) and the former Principal Secretary to the Karnataka government with over 34 years of experience in the areas of administration, civil service, research, financial planning, information technology, public policy planning and implementation process, renewable energy, etc. A postgraduate in agriculture, he has pursued a programme in Public Policy and Management at IIM-B. He holds a PhD in Forest Economics from the University of Wales.

Quoting Mahabaleshwara MS, Managing Director and Chief Executive Officer of the bank, a press release said Ravindran brings rich experience in agriculture and rural economy, economics, finance, IT, business management, human resource management besides public policy, government financial systems, renewable energy, etc. The bank is optimistic that he will bring value addition with respect to the bank’s decisions by way of valuable inputs and guidance, Mahabaleshwara said.

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Max Life Insurance appoints Amrit Singh as Chief Financial Officer

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Max Life Insurance Company Ltd (Max Life) has announced the appointment of Amrit Singh as Chief Financial Officer & Executive Vice President, Strategy.

In his new role, Amrit will be responsible for leading the Company’s finance function and business strategy to strengthen business performance and growth margins while working with the Company’s leadership team to drive its strategic initiatives.

With nearly two decades of experience, Amrit joined Max Life in 2013 and has since led a diverse portfolio of teams including strategy, advanced analytics, investor relations and group business, driving various mandates around growth and profitability. Before Max Life, Amrit previously worked with Infosys, PricewaterhouseCoopers and Religare Enterprises.

Speaking on the appointment, Prashant Tripathy, Managing Director and CEO, Max Life Insurance said in a statement;”Celebrating his long-standing expertise in the financial services space and a promising association of over 8 years with Max Life, we are delighted to have Amrit take on his new role within the organization. He has a clear vision to build on our strengths and drive enhanced synergies between financial decisions and strategic priorities, positioning us for greater success. I’m certain Amrit’s leadership, diversified proficiencies and business acumen will help us accelerate on our growth trajectory.”

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IDRBT gets new director – The Hindu BusinessLine

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D Janakiram has taken over as the new director of the Institute for Development and Research in Banking Technology (IDRBT), an arm of Reserve Bank of India.

Before joining IDRBT, he was a senior professor of computer science and engineering department, IIT Madras. He was also a Visiting Professor at the Rochester Institute of Technology (RIT) in the USA.

His current research focusses on building large scale distributed systems and challenges in big data processing and cloud computing and blockchain technologies.

”Janakiram brings with him immense experience in various fields of direct relevance to Banking and Financial Technology,’’ IDRBT said in a release issued on Monday.

A PhD from IIT Delhi, he was awarded the Boyscast Fellowship in 1997, the IBM Faculty Award in 2007 and Yahoo Faculty Grant in 2009. Having wrote over 150 research papers, Janakiram is the editor of six books. He authored on Grid Computing, Building Large Scale Software Systems and Grid and Cloud Computing.

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Sundaram Finance names Rajiv Lochan as its next Managing Director

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Chennai headquartered Non-Banking Finance Company Sundaram Finance has announced that Managing Director TT Srinivasaraghavan will retire on March 31, 2021 and Rajiv Lochan will become the next Managing Director from April 1.

Rajiv Lochan is now Director (Strategy) at Sundaram Finance and before this he was the Managing Director of Kasturi & Sons.

The Company’s Board met today to finalise the changes, a company statement said.

As part of the management rejig, Harsha Viji, Deputy Managing Director, will assume the office of Executive Vice-Chairman, and take responsibility for the overall strategy and direction of Sundaram Finance and other group companies in financial services space. AN Raju, Director (Operations), will become Deputy Managing Director of the Non-Banking Finance Company.

TT Srinivasaraghavan, Managing Director of Sundaram Finance, completes his term of office on March 31, 2021, and is retiring from service after 38 years with the company, the last 18 years as Managing Director.

Under Srinivasaraghavan’s tenure as Managing Director, the company has grown its balance sheet from under ₹800 crore to over ₹30,000 crore today. Over the last two decades, Srinivasaraghavan also led the diversification of the group from its traditional focus on medium and heavy commercial vehicles to a multi-product diversified financial services provider.

“Under Srinivasaraghavan’s leadership, the company has demonstrated its traditional focus on asset quality, and its adherence to “Sundaram Values” of prudence and customer focus. The company and its shareholders owe a debt of gratitude for his service,” said S Viji, Chairman, Sundaram Finance.

However, TT Srinivasaraghavan will remain on the board and play a mentorship role

On his long stint in Sundaram Finance, TT Srinivasaraghavan, who is known as TTS, said: “it has been a great privilege and honour to lead this outstanding group of people who make up Team Sundaram, over all these years.

“Our enduring commitment to the Sundaram Values will ensure that Sundaram Finance scales greater heights under the new leadership team,” he added.

“The strength of Sundaram Finance lies in its blend of tradition and service with cutting edge management processes and technology. This gives us a strong platform to grow in the years to come, and I look forward to the challenge and responsibility of leading ‘Team Sundaram’ to greater heights,” said Rajiv Lochan.

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